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At the PAN Group’s 2026 annual general meeting, regarding the divestment deal for Bibica Joint Stock Company to a foreign partner, Mr. Nguyen Duy Hung said the company has fulfilled all commitments since investing, particularly in preserving and developing the Bibica brand in a sustainable direction.
According to Hung, when PAN took over, Bibica’s scale and brand position were limited. After about a decade, the company has grown significantly and is able to stand firm in the market. However, PAN believes that if it continues to hold the investment, the room for further contribution to Bibica’s development is not much.
PAN’s leadership said the group’s strategy is to operate as an investment company focused on agriculture. As a result, the confectionery industry is not part of its core strategy, and seeking a transfer partner is viewed as a necessary step to restructure the investment portfolio.
On the Indonesian partner, Hung said that although the partner does not yet have a confectionery factory, the unit has pledged to continue preserving and developing the Bibica brand. He added that the Bibica brand will remain Vietnamese-owned rather than being converted into a private label. PAN considers this approach a suitable basis for a long-term partnership.
The PAN chairman said the criteria for choosing the timing of divestment focus on protecting shareholders’ interests, including withdrawing capital from investments that no longer align with the group’s growth rate while optimizing value realization.
He added that PAN’s total market capitalization currently exceeds 5,000 billion dong. He said that selling one non-core subsidiary contributing 10–11% of revenue and profit would also realize about half of PAN’s market capitalization.
PAN currently has no concrete plans to divest other enterprises, but maintains a flexible principle: for investments outside the core field, if a favorable price opportunity arises and delivers superior returns, the company will consider it and present it to shareholders for decision.
In response to questions about dividend payout in the absence of new investment opportunities, Hung said PAN does not pursue a policy of distributing everything to shareholders if it wants to maintain growth.
He said PAN Group’s cash flow is continuously managed to create added value rather than being left idle. If there is no suitable investment opportunity, the capital will still be used for financial activities to ensure profitable returns.
PAN’s leadership said shareholders can be confident in how the company manages and uses capital, with the aim of optimizing efficiency rather than prioritizing short-term dividends.
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